India’s Oilmeal Exports Plunge: An Alarming 40% Dip

India's oilmeal exports experienced a significant 40% decline in December, largely due to reduced soyabean meal shipments. Despite some increases in rice bran extraction exports, the overall export trend remained downward. Factors such as rising global prices and weak domestic demand contributed to this downturn.

India's oilmeal exports took a substantial hit in December, plummeting 40% to 240,000 tonnes compared to 398,000 tonnes the previous year. The Solvent Extractors Association (SEA) highlighted a sharp drop in soyabean meal shipments as a primary factor.

Soyabean meal exports dwindled to 114,000 tonnes from 278,000 tonnes year-over-year, according to SEA data. Notably, rapeseed meal exports dropped to 71,452 tonnes, while castorseed and groundnut meal shipments also decreased. Conversely, rice bran extraction exports witnessed significant growth.

For the period from April to December, total oilmeal exports fell by 6%. Despite increased rapeseed meal exports to China, the broader market faced challenges including reduced rapeseed crushing and rising global prices, which could deter future Chinese demand.

(With inputs from agencies.)